Visa to roll out blockchain-based token service

by Blocks99

1 month ago

Visa Inc. has announced that its blockchain-based token service is ready for rollout. Visa Token Service is to replace Visa Checkout across the US as of January 21.

The blockchain-based token service tokenizes card payments to streamline the entire payment process. The company expects the integration to simplify and further secure the online shopping experience for millions of users. The decision to utilize blockchain technology is a change in thinking by one of the largest payment processors worldwide.

Visa says all active US Visa Checkout merchants will get the upgrade without the need to make any changes on their part. Visa Chief Product Officer Jack Forestell explained that the move was to create the “best customer experience possible.” He also emphasized the added level of security blockchain tech promises.

Security features

The new system features various advanced technology and authentication methods. These include integration of device-binding and biometrics systems. Visa expects the solution to allow participating retailers to shorten the number of steps required to make an online purchase. Consumers will no longer need to enter a 16-digit primary account number when making their purchases. The upgrade also does away with old-school passwords.

Visa began developing its Token Service in mid-2019. Initial reports of the plan emerged after news broke that Visa wanted to acquire the blockchain tokenization firm Bell ID from Rambus in June. In the end, the payments giant decided it was best to purchase two subsidiaries from Rambus, Bell ID and Ecebs Ltd.

(Source: Secutities io)

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